JANUARY 2021
Identify Redundant Purchasing to Reduce Spend.
Fellow InCight Insider,
The proliferation of SaaS applications makes it easy for multiple departments in your organization to implement the same or similar products without the benefit of leveraging spend across the enterprise.
How CIO InCight® is leveraged to identify specific software product spend trends and cost reduction opportunities.
Software costs, especially SaaS, can grow at an extraordinary rate as companies invest in new technologies that can be easily implemented. Business Intelligence (BI) tools are a textbook example. Strategic sourcing opportunities are wasted by IT, Finance and Procurement organizations not having a centralized view of spend at the product level and by the Cost Center/ Department making the purchase. Pre – CXO Nexus our client spent hours creating manual, point in time reporting but found their financial systems not able to deliver the needed visibility due to data quality and lack of intelligence to classify and categorize the spend, especially when purchased via resellers.
CIO InCight provides companies the ability to identify at the product level the aggregated spend by either supplier or manufacturer by querying their AI & ML based Augmented Data. Even if purchased through a reseller or outside of the technology organization.
Below is the purchasing of BI Software Publisher Tableau, by department and product, derived from querying the Augmented Data created by the CIO InCight AI & ML engine. Tableau has a diverse product portfolio, is often sold indirect through a partner and is easily implemented and purchased by the line of business. Financial reporting, from in place procurement systems, is not able to provide this type of visibility – that is why clients make CIO InCight their go to source for vendor spend.
The client has undertaken a program to reduce BI Spend, esp Tableau, by consolidating its purchasing. CIO InCight provides the centralized view of spend that Procurement, IT and the Lines of Business now work off of, thereby eliminating redundant purchasing that had historically been done in silos. Worth noting the review has been expanded to identify similar BI tools purchased like Qlik and Power BI to eliminate vendors with overlapping functionality.
Use Case:
In this clip, NASDAQ discusses how the “Cost Center Clarity” enabled by CIO InCight aids in identifying redundant vendors.
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Best,
Leif
Leif Easterson
Global Head Customer Success
LEasterson@cxonexus.com
Transforming Data to InCight®
Customer challenges and insights gained by using CIO InCight.
Each one is a chapter in discovery, finding hidden details of the vendor spend data ingested. Our ML & AI-driven Intelligent Fusion Engine IFE® is used to clean and normalize down to the item level and will reveal actionable information.